The Finance Minister said that GST 2.0 would have quicker refund procedures as part of the upcoming indirect tax changes. 90% of refunds would be issued automatically under GST 2.0, according to Nirmala Sitharaman.
GST reform progress update
While the government opposes having many GST slabs, India is not yet prepared to implement a single-rate GST system, according to Finance Minister Nirmala Sitharaman‘s remarks on Thursday.
“Four GST rates were not what we wanted. The adoption of a one-rate GST is not yet ready. The Finance Minister emphasized that the government’s first focus has been to provide relief to farmers and the middle class in the present rate review, but that it may happen at some point in the future.
She went on to say that helping small companies was another top priority. “We also intended to provide help to MSMEs.” In several instances, we have attempted to rectify inverted duty structure,” she said.
GST 2.0 Refunds, Reforms
Sitharaman emphasized the need for swift changes in order to accomplish the national development agenda. “We need to make a lot of changes quickly right now,” she said.
The Finance Minister said that GST 2.0 would have quicker refund procedures as part of the upcoming indirect tax changes. 90% of refunds would be issued automatically under GST 2.0, according to Nirmala Sitharaman.
Nirmala Sitharaman said that while the Prime Minister had promised GST changes in his Independence Day speech, the Center had already sent the Group of Ministers the ideas for rate rationalization.